ARK ETF TRUST
SEMI-ANNUAL REPORT

JANUARY 31, 2022

INVESTING AT THE PACE OF INNOVATION

ARK Genomic Revolution ETF (ARKG)

ARK Autonomous Technology & Robotics ETF (ARKQ)

ARK Innovation ETF (ARKK)

ARK Next Generation Internet ETF (ARKW)

ARK Fintech Innovation ETF (ARKF)

ARK Space Exploration & Innovation ETF (ARKX)

ARK Transparency ETF (CTRU)

The 3D Printing ETF (PRNT)

The ARK Israel Innovative Technology ETF (IZRL)

ARK Invest | 200 Central Avenue, Suite 1850, St. Petersburg, FL 33701 | 212.426.7040 | [email protected] | ark-funds.com

Table of Contents

This report should be read in conjunction with the Trust’s prospectus.

The principal risks of investing in the ARK ETFs include: Market Risk. The value of the Funds’ assets will fluctuate as the markets in which the Funds invest fluctuate. The value of the Funds’ investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, such as inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters or events, exchange trading suspensions and closures (including exchanges of a Fund’s underlying securities), infectious disease outbreaks or pandemics, terrorism, regulatory events and government controls, that affect large portions of the market. Equity Securities Risk: The value of the equity securities the Funds hold may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities the Funds hold participate or factors relating to specific companies in which the Funds invest (e.g., litigation or government regulation), among other factors. Equity securities may also be particularly sensitive to general movements in the stock market, and a decline in the broader market may affect the value of the Fund’s equity investments. The Funds may invest in stock of, warrants to purchase stock of, and other interests in special purpose acquisition companies (SPACs) or similar special purposes entities. A SPAC is a publicly traded company that raises investment capital for the purpose of acquiring or merging with an existing company. Investments in SPACs and similar entities are subject to a variety of risks beyond those associated with other equity securities. Because SPACs and similar entities do not have any operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the SPAC’s management to identify a merger target and complete an acquisition. Until an acquisition or merger is completed, a SPAC generally invests its assets, less a portion retained to cover expenses, in U.S. government securities, money market securities and cash and does not typically pay dividends in respect of its common stock. As a result, it is possible that an investment in a SPAC may lose value. Foreign Securities Risk: Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities such as risks of currency exchange rates, differences in foreign accounting and legal standards, the availability of less reliable financial information, and government restrictions on repatriation of capital. Geopolitical risks, including those arising from trade tension and/or the imposition of trade tariffs, terrorist activity or acts of civil or international hostility, are increasing. For instance, military conflict and escalating tensions between countries could result in geopolitical instability and adversely affect the global economy or specific markets. Strategic competition between the US and China and resulting tensions have also contributed to uncertainty in the geopolitical and regulatory landscapes. Similarly, other events outside of the Trust's control, including natural disasters, climate change-related events, pandemics (such as the COVID-19 pandemic) or health crises may arise from time to time and be accompanied by governmental actions that may increase international tension. Any such events and responses, including regulatory developments, may cause significant volatility and declines in the global markets, disproportionate impacts to certain industries or sectors, disruptions to commerce (including to economic activity, travel and supply chains), loss of life and property damage, and may adversely affect the global economy or capital markets and may cause the Trust's assets to decline. Health Care Sector Risk: Companies in the health care sector may be adversely affected by government regulations and government health care programs, restrictions on government reimbursement for medical expenses, increases or decreases in the cost of medical products and services and product liability claims, among other factors. Consumer Discretionary Risk: The consumer discretionary sector may be affected by changes in domestic and international economies, exchange and interest rates, competition, consumers’ disposable income and consumer preferences, social trends and marketing campaigns. Industrials Sector Risk: Companies in the industrials sector may be adversely affected by changes in government regulation (such as through the imposition or removal of tariffs), world events, economic conditions, environmental damages, product liability claims and exchange rates. Information Technology Sector Risk: Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. The markets in which many information technology companies compete face rapidly evolving industry standards and government regulations, frequent new service and product announcements, introductions and enhancements, and changing customer demands. Communications Sector Risk: Communication companies are particularly vulnerable to the potential obsolescence of products and services due to technological advancement and the innovation of competitors. Companies in the communications sector may also be affected by other competitive pressures, such as pricing competition, as well as research and development costs, substantial capital requirements and government regulation. Financial Technology Sector Risk: Companies in the financial technology (“FinTech”) sector that are developing financial technologies that seek to disrupt or displace established financial institutions generally face competition from much larger and more established firms. FinTech companies may not currently derive any revenue, and there is no assurance that such companies will derive any revenue from innovative technologies in the future. Cryptocurrency Investment Risk: ARKK and ARKW may have exposure to cryptocurrency, such as bitcoin, indirectly through an investment in a grantor trust (e.g., the Grayscale Bitcoin Trust (BTC)) that will experience any associated volatility of the underlying cryptocurrency. Shares of BTC may trade at a significant premium or discount to net asset value (“NAV”). To the extent BTC trades at a discount to NAV, the value of a Fund’s investment in BTC would typically decrease. ARKW may also have exposure to bitcoin through other pooled investment vehicles that invest in bitcoin, such as exchange-traded funds that are domiciled and listed for trading in Canada. The Funds’ exposure to cryptocurrencies may change over time and, accordingly, such exposure may not always be present in the Funds’ portfolios. Cryptocurrencies such as bitcoin are not “fiat” currencies of any central bank or government and currently are not subject to the authority of any central bank or government authority and are therefore not backed by any government, and regulatory and tax treatment of cryptocurrencies continues to develop. Disruptive Innovation Risk: Companies that the advisor believes create and capitalize on disruptive innovation and developing technologies to displace older technologies or create new markets may not in fact do so. Companies that initially develop a novel technology may not be able to capitalize on the technology. The Fund may invest in a company that does not currently derive any revenue from disruptive innovations or technologies, and there is no assurance that a company will derive any revenue from disruptive innovations or technologies in the future. Non-Diversified Risk. As a non-diversified investment company, a Fund is subject to the risk that it will be more volatile than a diversified fund because the Fund may invest a relatively higher proportion of its assets in a relatively smaller number of issuers or may invest a larger proportion of its assets in a single issuer. As a result, the gains and losses on a single investment may have a greater impact on a Fund’s NAV and may make the Fund more volatile than more diversified funds. Market Trading Risk. Each Fund faces numerous market trading risks, including disruptions to the creation and redemption processes

of the Fund, losses from trading in secondary markets, the existence of extreme market volatility, the potential lack of an active trading market for the Fund’s shares due to market stress, or trading halts impacting the Shares or the Fund’s underlying securities, which may result in the Fund’s shares trading at a significant premium or discount to NAV. Please see the ARK ETFs’ current prospectuses for more detailed descriptions of the risks of investing in the ARK ETFs.

The views expressed in the Shareholder Letter are those of ARK Investment Management LLC (“ARK”) as of January 31, 2022. The Shareholder Letter may not necessarily reflect the views or holdings on the date this Semi-Annual Report is first published or anytime thereafter. The information in the Shareholder Letter may change, and the ARK ETFs disclaim any obligation to advise shareholders of any such changes. Certain information was obtained from sources that ARK believes to be reliable; however, ARK does not guarantee the accuracy or completeness of any information obtained from any third party.

Portfolio holdings will change and should not be considered as investment advice or a recommendation to buy, sell or hold any particular security. Please visit www.ark-funds.com for the most current list of portfolio holdings for the ARK ETFs.

Shareholder Letter

(Unaudited)

Dear Shareholder:

This Semi-Annual Report for the ARK ETF Trust covers the period from August 1, 2021 through January 31, 2022, for each ARK exchange traded fund (“ETF” or collectively, “ARK ETFs”). The ARK ETF Trust, as of the period of this report, consists of six actively managed theme-based ETFs and three index-based ETFs:

ARK Investment Management LLC (“ARK”), the investment advisor to the ARK ETFs, specializes in thematic investing in disruptive innovation. The ARK ETFs include portfolio companies that we believe are leading and benefiting from five innovation platforms: artificial intelligence (AI), energy storage, robotics, DNA sequencing, and blockchain technology. According to our research, these innovation platforms will transform our lives and the global economy radically, scaling their equity market capitalizations from roughly $10 trillion today to more than $200 trillion in 2030.

Investment strategies geared to the future, like ours, evaluate complex dynamics that can evolve rapidly. Take the coronavirus pandemic. Seemingly overnight, demand for innovations in such diverse areas as DNA sequencing, artificial intelligence, and e-commerce surged. In response, ARK’s analysts pivoted quickly and focused on the accelerated rate of adoption of the five innovation platforms and their fourteen underlying technologies. As a result, we increased our exposure to digital wallets, electric vehicles, genomic sequencing, molecular diagnostics, 3D printing, and drone delivery/robotic logistics. In our view, the coronavirus crisis permanently changed the way the world works, catapulting consumers and businesses into the digital age much faster and deeper than otherwise would have been the case. While many still are dismissing innovation stocks as “stay at home”, we believe this behavior glosses over a crucial point: innovation solves problems in a way that consumers and businesses adopt with relief, enthusiasm, and delight.

For this reason, ARK places significant focus on our five-year investment time horizon, communicating constantly with our clients that innovation solves problems and is expected to transform human lives at an accelerated rate during the next five to ten years. We also reiterate that we take advantage of volatility during corrections and concentrate our portfolios toward our highest conviction stocks. We believe the result of engaging with our clients has been asset retention better than many observers might have anticipated, suggesting that on balance, investors understand our active management investment process and long-term investment time horizon.

On the following pages, you will find information relating to your ARK ETF investment. If you have any questions, I encourage you to contact your financial advisor or ARK directly. You can find additional information, including our daily portfolio holdings, on the ARK ETF website located at: www.ark-funds.com.

We appreciate the opportunity to help you meet your investment goals and thank you for enabling us to invest for you at the pace of innovation!

Sincerely,

Catherine D. Wood
Chief Investment Officer and Chief Executive Officer
ARK Investment Management LLC

1

Shareholder Expense Examples

(Unaudited)

As a shareholder of an ARK ETF (each, a “Fund” and collectively, “Funds”) you incur two types of costs: (1) transaction costs for purchasing and selling shares; and (2) ongoing costs, including management fees and other Fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars and cents) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The examples below are based on an investment of  $1,000 invested at the beginning of the six-month period and held for the entire period (August 1, 2021 through January 31, 2022).

Actual Expenses

The first line under each Fund in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for your Fund under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line under each Fund in the table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate your actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund to other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the second line under each Fund in the table is useful in comparing ongoing Fund costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

2

Shareholder Expense Examples (continued)

(Unaudited)

​

(a)

Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (the number of days in the period, then divided by 365).

​

(b)

ARK Transparency ETF commenced operations on December 8, 2021. Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period since the commencement of the Fund’s operations, multiplied by 55/365 (the number of days in the period, then divided by 365).

​

3

Sector Diversification (as a percentage of total investments) 

January 31, 2022

​	■	​	​	Health Care	​	​	​	​	95.3%	​	​
​	■	​	​	Information Technology	​	​	​	​	3.7	​	​
​	■	​	​	Financials	​	​	​	​	0.6	​	​
​	■	​	​	Materials	​	​	​	​	0.4	​	​
​	​	​	​	Money Market Fund	​	​	​	​	0.0(a)	​	​
​	​	​	​	​	​	​	​	​	100.0	​	​

​	■	​	​	Industrials	​	​	​	​	35.8%	​	​
​	■	​	​	Information Technology	​	​	​	​	34.4	​	​
​	■	​	​	Consumer Discretionary	​	​	​	​	19.7	​	​
​	■	​	​	Communication Services	​	​	​	​	8.9	​	​
​	■	​	​	Health Care	​	​	​	​	1.0	​	​
​	■	​	​	Money Market Fund	​	​	​	​	0.2	​	​
​	​	​	​	​	​	​	​	​	100.0	​	​

​	■	​	​	Information Technology	​	​	​	​	33.0%	​	​
​	■	​	​	Health Care	​	​	​	​	32.8	​	​
​	■	​	​	Communication Services	​	​	​	​	14.9	​	​
​	■	​	​	Consumer Discretionary	​	​	​	​	11.3	​	​
​	■	​	​	Financials	​	​	​	​	6.9	​	​
​	■	​	​	Industrials	​	​	​	​	1.0	​	​
​	■	​	​	Money Market Fund	​	​	​	​	0.1	​	​
​	​	​	​	​	​	​	​	​	100.0	​	​

​	■	​	​	Information Technology	​	​	​	​	36.5%	​	​
​	■	​	​	Communication Services	​	​	​	​	24.5	​	​
​	■	​	​	Financials	​	​	​	​	16.9	​	​
​	■	​	​	Consumer Discretionary	​	​	​	​	15.4	​	​
​	■	​	​	Health Care	​	​	​	​	6.6	​	​
​	■	​	​	Money Market Fund	​	​	​	​	0.1	​	​
​	​	​	​	​	​	​	​	​	100.0	​	​

​	■	​	​	Information Technology	​	​	​	​	45.6%	​	​
​	■	​	​	Financials	​	​	​	​	27.4	​	​
​	■	​	​	Consumer Discretionary	​	​	​	​	12.0	​	​
​	■	​	​	Communication Services	​	​	​	​	7.0	​	​
​	■	​	​	Health Care	​	​	​	​	4.0	​	​
​	■	​	​	Real Estate	​	​	​	​	3.9	​	​
​	■	​	​	Money Market Fund	​	​	​	​	0.1	​	​
​	​	​	​	​	​	​	​	​	100.0	​	​

​	■	​	​	Industrials	​	​	​	​	51.8%	​	​
​	■	​	​	Information Technology	​	​	​	​	26.5	​	​
​	■	​	​	Communication Services	​	​	​	​	8.1	​	​
​	■	​	​	Equity Fund	​	​	​	​	7.9	​	​
​	■	​	​	Consumer Discretionary	​	​	​	​	5.6	​	​
​	■	​	​	Money Market Fund	​	​	​	​	0.1	​	​
​	​	​	​	​	​	​	​	​	100.0	​	​

4

Sector Diversification (as a percentage of total investments) (concluded)

January 31, 2022

​	​	​	​			​
​	■	​	​	Information Technology	​	​	​	​	44.9%	​	​
​	■	​	​	Consumer Discretionary	​	​	​	​	23.5	​	​
​	■	​	​	Industrials	​	​	​	​	8.3	​	​
​	■	​	​	Health Care	​	​	​	​	7.5	​	​
​	■	​	​	Communication Services	​	​	​	​	6.8	​	​
​	■	​	​	Consumer Staples	​	​	​	​	4.5	​	​
​	■	​	​	Materials	​	​	​	​	2.2	​	​
​	■	​	​	Financials	​	​	​	​	2.0	​	​
​	■	​	​	Money Market Fund	​	​	​	​	0.3	​	​
​	​	​	​	​	​	​	​	​	100.0	​	​

​	■	​	​	Information Technology	​	​	​	​	46.4%	​	​
​	■	​	​	Industrials	​	​	​	​	29.3	​	​
​	■	​	​	Health Care	​	​	​	​	9.2	​	​
​	■	​	​	Consumer Discretionary	​	​	​	​	5.2	​	​
​	■	​	​	Money Market Fund	​	​	​	​	3.6	​	​
​	■	​	​	Materials	​	​	​	​	3.4	​	​
​	■	​	​	Financial Services	​	​	​	​	2.8	​	​
​	■	​	​	Consumer Staples	​	​	​	​	0.1	​	​
​	​	​	​	​	​	​	​	​	100.0	​	​

​	■	​	​	Information Technology	​	​	​	​	55.8%	​	​
​	■	​	​	Health Care	​	​	​	​	18.3	​	​
​	■	​	​	Industrials	​	​	​	​	10.3	​	​
​	■	​	​	Communication Services	​	​	​	​	9.4	​	​
​	■	​	​	Consumer Discretionary	​	​	​	​	6.2	​	​
​	​	​	​	​	​	​	​	​	100.0	​	​

5

Schedule of Investments​

ARK Genomic Revolution ETF

January 31, 2022 (Unaudited)

Investments

​

​

Shares

​

​

Value

​

COMMON STOCKS – 99.7%

​

​

​

​

​

​

​

​

​

​

​

​

​

Biotechnology – 59.0%

​

​

​

​

​

​

​

​

​

​

​

​

​

AquaBounty Technologies, Inc.*

​

​

​

​

3,357,823

​

​

​

​

$

5,943,347

​

​

Arcturus Therapeutics Holdings, Inc.*†

​

​

​

​

2,463,076

​

​

​

​

​

64,360,176

​

​

Beam Therapeutics, Inc.*

​

​

​

​

2,258,626

​

​

​

​

​

156,319,505

​

​

Burning Rock Biotech Ltd. (China)*(a)

​

​

​

​

1,472,695

​

​

​

​

​

13,254,255

​

​

CareDx, Inc.*†

​

​

​

​

3,623,433

​

​

​

​

​

151,459,499

​

​

Cellectis SA (France)*†(a)

​

​

​

​

2,898,410

​

​

​

​

​

17,999,126

​

​

CRISPR Therapeutics AG (Switzerland)*

​

​

​

​

2,073,934

​

​

​

​

​

132,213,293

​

​

Editas Medicine, Inc.*

​

​

​

​

999,620

​

​

​

​

​

19,032,765

​

​

Evogene Ltd. (Israel)*†

​

​

​

​

2,296,202

​

​

​

​

​

3,191,721

​

​

Exact Sciences Corp.*

​

​

​

​

4,661,181

​

​

​

​

​

355,927,781

​

​

Fate Therapeutics, Inc.*

​

​

​

​

4,368,208

​

​

​

​

​

181,324,314

​

​

Ginkgo Bioworks Holdings, Inc.*

​

​

​

​

18,381,781

​

​

​

​

​

109,923,050

​

​

Incyte Corp.*

​

​

​

​

1,639,416

​

​

​

​

​

121,857,791

​

​

Intellia Therapeutics, Inc.*

​

​

​

​

1,872,413

​

​

​

​

​

177,074,097

​

​

Invitae Corp.*

​

​

​

​

6,052,287

​

​

​

​

​

68,027,706

​

​

Ionis Pharmaceuticals, Inc.*

​

​

​

​

7,017,770

​

​

​

​

​

223,165,086

​

​

Iovance Biotherapeutics, Inc.*

​

​

​

​

3,138,068

​

​

​

​

​

52,248,832

​

​

Nurix Therapeutics, Inc.*

​

​

​

​

404,681

​

​

​

​

​

7,535,160

​

​

Organovo Holdings, Inc.*

​

​

​

​

209,508

​

​

​

​

​

653,665

​

​

Recursion Pharmaceuticals, Inc., Class A*

​

​

​

​

2,920,697

​

​

​

​

​

34,581,053

​

​

Regeneron Pharmaceuticals, Inc.*

​

​

​

​

69,282

​

​

​

​

​

42,164,332

​

​

Repare Therapeutics, Inc. (Canada)*†

​

​

​

​

2,971,279

​

​

​

​

​

45,846,835

​

​

Surface Oncology, Inc.*†

​

​

​

​

5,410,150

​

​

​

​

​

20,288,063

​

​

Twist Bioscience Corp.*

​

​

​

​

1,948,118

​

​

​

​

​

115,757,172

​

​

Veracyte, Inc.*

​

​

​

​

2,087,385

​

​

​

​

​

63,477,378

​

​

Vertex Pharmaceuticals, Inc.*

​

​

​

​

747,966

​

​

​

​

​

181,793,136

​

​

Verve Therapeutics, Inc.*

​

​

​

​

1,682,741

​

​

​

​

​

48,496,596

​

​

Total Biotechnology

​

​

​

​

​

​

​

​

​

​

2,413,915,734

​

​

Chemicals – 0.4%

​

​

​

​

​

​

​

​

​

​

​

​

​

Zymergen, Inc.*

​

​

​

​

3,242,127

​

​

​

​

​

16,859,060

​

​

Electronic Equipment, Instruments & Components – 1.2%

​

908 Devices, Inc.*†

​

​

​

​

3,107,331

​

​

​

​

​

49,157,976

​

​

Financial Services – 0.6%

​

​

​

​

​

​

​

​

​

​

​

​

​

Dynamics Special Purpose Corp., Class A*†

​

​

​

​

2,354,418

​

​

​

​

​

23,308,738

​

​

Health Care Equipment & Supplies – 1.7%

​

Butterfly Network, Inc.*

​

​

​

​

7,583,314

​

​

​

​

​

43,983,221

​

​

Cerus Corp.*

​

​

​

​

4,534,872

​

​

​

​

​

24,306,914

​

​

Total Health Care Equipment & Supplies

​

​

​

​

​

​

​

​

​

​

68,290,135

​

​

Health Care Providers & Services – 7.9%

​

1Life Healthcare, Inc.*

​

​

​

​

5,444,619

​

​

​

​

​

60,761,948

​

​

Accolade, Inc.*†

​

​

​

​

5,013,040

​

​

​

​

​

95,749,064

​

​

Castle Biosciences, Inc.*

​

​

​

​

1,208,744

​

​

​

​

​

52,278,178

​

​

Signify Health, Inc., Class A*†

​

​

​

​

8,657,468

​

​

​

​

​

115,404,049

​

​

Total Health Care Providers & Services

​

​

​

​

​

​

​

​

​

​

324,193,239

​

​

Health Care Technology – 11.0%

​

​

​

​

​

​

​

​

​

​

​

​

​

Schrodinger, Inc.*

​

​

​

​

2,927,222

​

​

​

​

​

82,986,743

​

​

Teladoc Health, Inc.*

​

​

​

​

4,166,263

​

​

​

​

​

319,594,035

​

​

Veeva Systems, Inc., Class A*

​

​

​

​

210,318

​

​

​

​

​

49,748,620

​

​

Total Health Care Technology

​

​

​

​

​

​

​

​

​

​

452,329,398

​

​

Investments

​

​

Shares

​

​

Value

​

Life Sciences Tools & Services – 14.2%

​

10X Genomics, Inc., Class A*

​

​

​

​

469,230

​

​

​

​

$

45,172,772

​

​

Adaptive Biotechnologies Corp.*

​

​

​

​

5,674,389

​

​

​

​

​

98,961,344

​

​

Berkeley Lights, Inc.*†

​

​

​

​

3,524,580

​

​

​

​

​

34,223,672

​

​

Codexis, Inc.*

​

​

​

​

3,228,138

​

​

​

​

​

66,176,829

​

​

Compugen Ltd. (Israel)*

​

​

​

​

3,318,581

​

​

​

​

​

11,780,963

​

​

Pacific Biosciences of California, Inc.*†

​

​

​

​

13,026,974

​

​

​

​

​

145,641,569

​

​

Personalis, Inc.*†

​

​

​

​

5,237,429

​

​

​

​

​

59,654,316

​

​

Quantum-Si, Inc.*†

​

​

​

​

11,749,374

​

​

​

​

​

56,279,502

​

​

SomaLogic, Inc.*

​

​

​

​

7,444,548

​

​

​

​

​

63,874,222

​

​

Total Life Sciences Tools & Services

​

​

​

​

​

​

​

​

​

​

581,765,189

​

​

Pharmaceuticals – 1.2%

​

​

​

​

​

​

​

​

​

​

​

​

​

Pfizer, Inc.

​

​

​

​

903,095

​

​

​

​

​

47,584,076

​

​

Takeda Pharmaceutical Co. Ltd. (Japan)(a)

​

​

​

​

3,090

​

​

​

​

​

44,681

​

​

Total Pharmaceuticals

​

​

​

​

​

​

​

​

​

​

47,628,757

​

​

Software – 2.5%

​

​

​

​

​

​

​

​

​

​

​

​

​

Palantir Technologies, Inc., Class A*

​

​

​

​

178,232

​

​

​

​

​

2,443,561

​

​

UiPath, Inc., Class A*

​

​

​

​

2,748,663

​

​

​

​

​

100,408,659

​

​

Total Software

​

​

​

​

​

​

​

​

​

​

102,852,220

​

​

Total Common Stocks (Cost $7,717,132,398)

​

​

​

​

​

​

​

​

​

​

4,080,300,446

​

​

MONEY MARKET FUND – 0.0%(b)

​

Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%(c) (Cost $1,416,368)

​

​

​

​

1,416,368

​

​

​

​

​

1,416,368

​

​

Total Investments – 99.7% (Cost $7,718,548,766)

​

​

​

​

​

​

​

​

​

​

4,081,716,814

​

​

Other Assets in Excess of Liabilities – 0.3%

​

​

​

​

​

​

​

​

​

​

10,465,527

​

​

Net Assets – 100.0%

​

​

​

​

​

​

​

​

​

$

4,092,182,341

​

​

See accompanying Notes to Financial Statements.

6

Schedule of Investments (continued)

ARK Genomic Revolution ETF

January 31, 2022 (Unaudited)

Affiliated Issuer Transactions

A summary of the Fund’s period to date transactions with companies which are or were affiliated issuers during the period are as follows:

​

*

Non-income producing security

​

†

Affiliated security

​

(a)

American Depositary Receipt

​

(b)

Less than 0.05%

​

(c)

Rate shown represents annualized 7-day yield as of January 31, 2022.

​

See accompanying Notes to Financial Statements.

7

Schedule of Investments (continued)

ARK Genomic Revolution ETF

January 31, 2022 (Unaudited)

Fair Value Measurement

The Fund discloses the fair value of its investments in a hierarchy that distinguishes between: (i) market participant assumptions developed based on market data obtained from sources independent of the Fund (observable inputs) and (ii) the Fund’s own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the hierarchy are as follows:

•

Level 1 – Quoted prices in active markets for identical assets.

​

•

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

​

•

Level 3 – Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).

​

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the valuations as of January 31, 2022, based upon the three levels defined above:

​

‡

Please refer to the Schedule of Investments to view securities segregated by industry type.

​

See accompanying Notes to Financial Statements.

8

Schedule of Investments

ARK Autonomous Technology & Robotics ETF

January 31, 2022 (Unaudited)

Investments

​

​

Shares

​

​

Value

​

COMMON STOCKS – 99.7%

​

​

​

​

​

​

​

​

​

​

​

​

​

Aerospace & Defense – 14.5%

​

​

​

​

​

​

​

​

​

​

​

​

​

AeroVironment, Inc.*

​

​

​

​

837,787

​

​

​

​

$

47,686,836

​

​

Archer Aviation, Inc., Class A*†

​

​

​

​

8,355,720

​

​

​

​

​

26,320,518

​

​

Elbit Systems Ltd. (Israel)

​

​

​

​

183,083

​

​

​

​

​

30,347,838

​

​

Kratos Defense & Security Solutions, Inc.*†

​

​

​

​

7,020,820

​

​

​

​

​

117,668,943

​

​

Lockheed Martin Corp.

​

​

​

​

39,675

​

​

​

​

​

15,438,733

​

​

Total Aerospace & Defense

​

​

​

​

​

​

​

​

​

​

237,462,868

​

​

Airlines – 2.3%

​

​

​

​

​

​

​

​

​

​

​

​

​

Blade Air Mobility, Inc.*†

​

​

​

​

6,106,734

​

​

​

​

​

37,312,145

​

​

Auto Components – 2.7%

​

​

​

​

​

​

​

​

​

​

​

​

​

Magna International, Inc. (Canada)

​

​

​

​

549,080

​

​

​

​

​

44,261,339

​

​

Automobiles – 15.3%

​

​

​

​

​

​

​

​

​

​

​

​

​

BYD Co. Ltd. (China)(a)

​

​

​

​

275,301

​

​

​

​

​

16,405,187

​

​

Niu Technologies (China)*(a)

​

​

​

​

2,848,560

​

​

​

​

​

40,022,268

​

​

Tesla, Inc.*

​

​

​

​

182,533

​

​

​

​

​

170,982,312

​

​

XPeng, Inc. (China)*(a)

​

​

​

​

683,183

​

​

​

​

​

23,972,891

​

​

Total Automobiles

​

​

​

​

​

​

​

​

​

​

251,382,658

​

​

Biotechnology – 0.0%(b)

​

​

​

​

​

​

​

​

​

​

​

​

​

Organovo Holdings, Inc.*

​

​

​

​

104,918

​

​

​

​

​

327,344

​

​

Diversified Consumer Services – 0.7%

​

​

​

​

​

​

​

​

​

​

​

​

​

2U, Inc.*

​

​

​

​

731,542

​

​

​

​

​

11,807,088

​

​

Diversified Telecommunication – 5.0%

​

​

​

​

​

​

​

​

​

​

​

​

​

Iridium Communications, Inc.*

​

​

​

​

2,265,761

​

​

​

​

​

81,295,504

​

​

Electronic Equipment, Instruments & Components – 8.6%

​

Teledyne Technologies, Inc.*

​

​

​

​

50,372

​

​

​

​

​

21,228,272

​

​

Trimble, Inc.*

​

​

​

​

1,666,369

​

​

​

​

​

120,245,187

​

​

Total Electronic Equipment, Instruments & Components

​

​

​

​

141,473,459

​

​

Health Care Equipment & Services – 1.0%

​

Intuitive Surgical, Inc.*

​

​

​

​

60,249

​

​

​

​

​

17,121,561

​

​

Household Durables – 1.0%

​

​

​

​

​

​

​

​

​

​

​

​

​

Vuzix Corp.*

​

​

​

​

2,520,443

​

​

​

​

​

16,458,493

​

​

Interactive Media & Services – 3.9%

​

​

​

​

​

​

​

​

​

​

​

​

​

Alphabet, Inc., Class C*

​

​

​

​

12,657

​

​

​

​

​

34,350,718

​

​

Baidu, Inc. (China)*(a)

​

​

​

​

182,662

​

​

​

​

​

29,178,428

​

​

Total Interactive Media & Services

​

​

​

​

​

​

​

​

​

​

63,529,146

​

​

Internet & Direct Marketing Retail – 0.0%(b)

​

JD.com, Inc. (China)*(a)

​

​

​

​

1,267

​

​

​

​

​

94,873

​

​

Machinery – 16.7%

​

​

​

​

​

​

​

​

​

​

​

​

​

Caterpillar, Inc.

​

​

​

​

128,402

​

​

​

​

​

25,880,707

​

​

Deere & Co.

​

​

​

​

181,204

​

​

​

​

​

68,205,186

​

​

Komatsu Ltd. (Japan)(a)

​

​

​

​

3,023,475

​

​

​

​

​

76,131,101

​

​

Markforged Holding Corp.*†

​

​

​

​

9,705,167

​

​

​

​

​

45,905,440

​

​

Proto Labs, Inc.*

​

​

​

​

432,463

​

​

​

​

​

21,700,993

​

​

Velo3D Inc.*

​

​

​

​

5,538,325

​

​

​

​

​

35,722,196

​

​

Total Machinery

​

​

​

​

​

​

​

​

​

​

273,545,623

​

​

Road & Rail – 2.3%

​

​

​

​

​

​

​

​

​

​

​

​

​

TuSimple Holdings, Inc., Class A*

​

​

​

​

1,984,162

​

​

​

​

​

37,222,879

​

​

Semiconductors & Semiconductor Equipment – 1.8%

​

Teradyne, Inc.

​

​

​

​

258,312

​

​

​

​

​

30,333,578

​

​

Investments

​

​

Shares

​

​

Value

​

Software – 17.2%

​

​

​

​

​

​

​

​

​

​

​

​

​

ANSYS, Inc.*

​

​

​

​

57,086

​

​

​

​

$

19,409,811

​

​

Materialise NV (Belgium)*(a)

​

​

​

​

1,184,459

​

​

​

​

​

24,293,254

​

​

Palantir Technologies, Inc., Class A*

​

​

​

​

2,479,038

​

​

​

​

​

33,987,611

​

​

Synopsys, Inc.*

​

​

​

​

58,197

​

​

​

​

​

18,070,168

​

​

UiPath, Inc., Class A*

​

​

​

​

3,642,039

​

​

​

​

​

133,043,685

​

​

Unity Software, Inc.*

​

​

​

​

510,621

​

​

​

​

​

53,691,798

​

​

Total Software

​

​

​

​

​

​

​

​

​

​

282,496,327

​

​

Technology Hardware, Storage & Peripherals – 6.7%

​

3D Systems Corp.*

​

​

​

​

3,269,345

​

​

​

​

​

58,521,275

​

​

Nano Dimension Ltd. (Israel)*(a)

​

​

​

​

7,796,486

​

​

​

​

​

28,613,104

​

​

Stratasys Ltd.*

​

​

​

​

935,351

​

​

​

​

​

22,298,768

​

​

Total Technology Hardware, Storage & Peripherals

​

​

​

​

​

​

​

​

​

​

109,433,147

​

​

Total Common Stocks (Cost $2,203,854,604)

​

​

​

​

​

​

​

​

​

​

1,635,558,032

​

​

MONEY MARKET FUND – 0.2%

​

​

​

​

​

​

​

​

​

​

​

​

​

Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%(c)

​

​

​

​

​

​

​

​

​

​

​

​

​

(Cost $2,769,469)

​

​

​

​

2,769,469

​

​

​

​

​

2,769,469

​

​

Total Investments – 99.9% (Cost $2,206,624,073)

​

​

​

​

​

​

​

​

​

​

1,638,327,501

​

​

Other Assets in Excess of Liabilities – 0.1%

​

​

​

​

​

​

​

​

​

​

1,991,732

​

​

Net Assets – 100.0%

​

​

​

​

​

​

​

​

​

$

1,640,319,233

​

​

See accompanying Notes to Financial Statements.

9

Schedule of Investments (continued)

ARK Autonomous Technology & Robotics ETF

January 31, 2022 (Unaudited)

Affiliated Issuer Transactions

A summary of the Fund’s period to date transactions with companies which are or were affiliated issuers during the period are as follows:

​

†

Affiliated security

​

*

Non-income producing security

​

(a)

American Depositary Receipt

​

(b)

Less than 0.05%

​

(c)

Rate shown represents annualized 7-day yield as of January 31, 2022.

​

ARK Autonomous Technology & Robotics ETF

​

​

Level 1

​

​

Level 2

​

​

Level 3

​

​

Total

​

Assets

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Common Stocks‡

​

​

​

$

1,635,558,032

​

​

​

​

$

—

​

​

​

​

$

—

​

​

​

​

$

1,635,558,032

​

​

Money Market Fund

​

​

​

​

2,769,469

​

​

​

​

​

—

​

​

​

​

​

—

​

​

​

​

​

2,769,469

​

​

Total

​

​

​

$

1,638,327,501

​

​

​

​

$

—

​

​

​

​

$

—

​

​

​

​

$

1,638,327,501

​

​

See accompanying Notes to Financial Statements.

10

Schedule of Investments​

ARK Innovation ETF

January 31, 2022 (Unaudited)

Investments

​

​

Shares

​

​

Value

​

COMMON STOCKS – 99.9%

​

​

​

​

​

​

​

​

​

​

​

​

​

Automobiles – 8.2%

​

​

​

​

​

​

​

​

​

​

​

​

​

Tesla, Inc.*

​

​

​

​

1,139,789

​

​

​

​

$

1,067,663,152

​

​

Biotechnology – 21.9%

​

​

​

​

​

​

​

​

​

​

​

​

​

Beam Therapeutics, Inc.*†

​

​

​

​

6,060,272

​

​

​

​

​

419,431,425

​

​

CRISPR Therapeutics AG (Switzerland)*†

​

​

​

​

6,129,474

​

​

​

​

​

390,753,968

​

​

Editas Medicine, Inc.*

​

​

​

​

70,040

​

​

​

​

​

1,333,562

​

​

Exact Sciences Corp.*

​

​

​

​

8,025,361

​

​

​

​

​

612,816,566

​

​

Fate Therapeutics, Inc.*†

​

​

​

​

5,946,682

​

​

​

​

​

246,846,770

​

​

Ginkgo Bioworks Holdings, Inc.*

​

​

​

​

31,731,889

​

​

​

​

​

189,756,696

​

​

Intellia Therapeutics, Inc.*†

​

​

​

​

5,710,522

​

​

​

​

​

540,044,066

​

​

Invitae Corp.*†

​

​

​

​

17,416,439

​

​

​

​

​

195,760,774

​

​

Iovance Biotherapeutics, Inc.*

​

​

​

​

150

​

​

​

​

​

2,497

​

​

Twist Bioscience Corp.*

​

​

​

​

1,686,945

​

​

​

​

​

100,238,272

​

​

Veracyte, Inc.*†

​

​

​

​

4,722,315

​

​

​

​

​

143,605,599

​

​

Total Biotechnology

​

​

​

​

​

​

​

​

​

​

2,840,590,195

​

​

Capital Markets – 6.9%

​

​

​

​

​

​

​

​

​

​

​

​

​

Coinbase Global, Inc., Class A*

​

​

​

​

3,457,191

​

​

​

​

​

657,384,869

​

​

Robinhood Markets, Inc., Class A*

​

​

​

​

16,469,317

​

​

​

​

​

233,040,835

​

​

Total Capital Markets

​

​

​

​

​

​

​

​

​

​

890,425,704

​

​

Diversified Consumer Services – 0.7%

​

2U, Inc.*†

​

​

​

​

5,718,334

​

​

​

​

​

92,293,911

​

​

Diversified Telecommunication – 1.4%

​

Iridium Communications, Inc.*

​

​

​

​

5,023,494

​

​

​

​

​

180,242,965

​

​

Electronic Equipment, Instruments & Components – 1.2%

​

Trimble, Inc.*

​

​

​

​

2,066,649

​

​

​

​

​

149,129,392

​

​

Entertainment – 11.3%

​

​

​

​

​

​

​

​

​

​

​

​

​

ROBLOX Corp., Class A*

​

​

​

​

1,299,788

​

​

​

​

​

85,604,038

​

​

Roku, Inc.*

​

​

​

​

4,974,186

​

​

​

​

​

816,015,213

​

​

Sea Ltd. (Taiwan)*(a)

​

​

​

​

24,125

​

​

​

​

​

3,626,229

​

​

Skillz, Inc.*

​

​

​

​

3,384,567

​

​

​

​

​

16,279,767

​

​

Spotify Technology SA*

​

​

​

​

2,802,634

​

​

​

​

​

550,044,949

​

​

Total Entertainment

​

​

​

​

​

​

​

​

​

​

1,471,570,196

​

​

Health Care Equipment & Supplies – 0.4%

​

Cerus Corp.*†

​

​

​

​

9,915,892

​

​

​

​

​

53,149,181

​

​

Health Care Providers & Services – 1.1%

​

Signify Health, Inc., Class A*†

​

​

​

​

11,121,843

​

​

​

​

​

148,254,167

​

​

Health Care Technology – 6.5%

​

​

​

​

​

​

​

​

​

​

​

​

​

Teladoc Health, Inc.*†

​

​

​

​

11,013,932

​

​

​

​

​

844,878,724

​

​

Hotels Restaurants & Leisure – 2.4%

​

​

​

​

​

​

​

​

​

​

​

​

​

DraftKings, Inc., Class A*

​

​

​

​

13,971,698

​

​

​

​

​

308,634,809

​

​

Interactive Media & Services – 2.1%

​

​

​

​

​

​

​

​

​

​

​

​

​

Twitter, Inc.*

​

​

​

​

7,422,233

​

​

​

​

​

278,407,960

​

​

IT Services – 11.1%

​

​

​

​

​

​

​

​

​

​

​

​

​

Block, Inc.*

​

​

​

​

4,067,790

​

​

​

​

​

497,450,039

​

​

Shopify, Inc., Class A (Canada)*

​

​

​

​

410,005

​

​

​

​

​

395,343,221

​

​

Twilio, Inc., Class A*

​

​

​

​

2,619,229

​

​

​

​

​

539,875,482

​

​

Total IT Services

​

​

​

​

​

​

​

​

​

​

1,432,668,742

​

​

Investments

​

​

Shares

​

​

Value

​

Life Sciences Tools & Services – 2.9%

​

​

​

​

​

​

​

​

​

​

​

​

​

10X Genomics, Inc., Class A*

​

​

​

​

1,837,892

​

​

​

​

$

176,933,863

​

​

Berkeley Lights, Inc.*†

​

​

​

​

4,641,575

​

​

​

​

​

45,069,693

​

​

Compugen Ltd. (Israel)*†

​

​

​

​

5,682,802

​

​

​

​

​

20,173,947

​

​

Pacific Biosciences of California, Inc.*†

​

​

​

​

11,929,108

​

​

​

​

​

133,367,428

​

​

Total Life Sciences Tools & Services

​

​

​

​

​

​

​

​

​

​

375,544,931

​

​

Road & Rail – 1.0%

​

​

​

​

​

​

​

​

​

​

​

​

​

TuSimple Holdings, Inc., Class A*

​

​

​

​

6,847,843

​

​

​

​

​

128,465,534

​

​

Software – 19.9%

​

​

​

​

​

​

​

​

​

​

​

​

​

Materialise NV (Belgium)*†(a)

​

​

​

​

3,772,337

​

​

​

​

​

77,370,632

​

​

PagerDuty, Inc.*†

​

​

​

​

7,299,320

​

​

​

​

​

241,023,546

​

​

Palantir Technologies, Inc., Class A*

​

​

​

​

24,474,907

​

​

​

​

​

335,550,975

​

​

UiPath, Inc., Class A*

​

​

​

​

14,129,740

​

​

​

​

​

516,159,402

​

​

Unity Software, Inc.*

​

​

​

​

5,433,778

​

​

​

​

​

571,361,757

​

​

Zoom Video Communications, Inc., Class A*

​

​

​

​

5,441,019

​

​

​

​

​

839,440,411

​

​

Total Software

​

​

​

​

​

​

​

​

​

​

2,580,906,723

​

​

Technology Hardware, Storage & Peripherals – 0.9%

​

3D Systems Corp.*

​

​

​

​

75,333

​

​

​

​

​

1,348,460

​

​

Stratasys Ltd.*†

​

​

​

​

4,617,180

​

​

​

​

​

110,073,571

​

​

Total Technology Hardware, Storage & Peripherals

​

​

​

​

​

​

​

​

​

​

111,422,031

​

​

Total Common Stocks (Cost $20,657,820,823)

​

​

​

​

​

​

​

​

​

​

12,954,248,317

​

​

MONEY MARKET FUND – 0.1%

​

​

​

​

​

​

​

​

​

​

​

​

​

Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%(b) (Cost $17,592,362)

​

​

​

​

17,592,362

​

​

​

​

​

17,592,362

​

​

Total Investments – 100.0% (Cost $20,675,413,185)

​

​

​

​

​

​

​

​

​

​

12,971,840,679

​

​

Liabilities in Excess of Other Assets – (0.0)%(c)

​

​

​

​

​

​

​

​

​

​

(3,561,337)

​

​

Net Assets – 100.0%

​

​

​

​

​

​

​

​

​

$

12,968,279,342

​

​

See accompanying Notes to Financial Statements.